Company Overview of Tesco Stores Limited
Tesco Stores Limited engages in the operation of food superstores and associated activities. The company’s stores offer fresh food, bakery, food cupboard, frozen food, drinks, baby, health and beauty, pet care, household, and home and entertainment products. It has 2,680 stores in England, Scotland, Wales, and Northern Ireland. The company based in Cheshunt, United Kingdom. Tesco Stores Limited is a subsidiary of Tesco Holdings Limited.
Cheshunt, EN8 9SL
Key Executives for Tesco Stores Limited
Director of Tesco Clothing Online
Compensation as of Fiscal Year 2017.
Tesco Stores Limited Key Developments
Tesco Stores Limited Reaches a Deferred Prosecution Agreement with the UK Serious Fraud Office
Mar 28 17
Tesco PLC announced that its subsidiary, Tesco Stores Limited, has in principle reached a Deferred Prosecution Agreement (DPA) with the UK Serious Fraud Office (SFO) regarding historic accounting practices. The proposed DPA was the subject of a preliminary court ruling on March 27, 2017, and the SFO and Tesco Stores Limited will now seek final judicial approval to the DPA from the court on 10 April 2017. The DPA relates to false accounting by Tesco PLC's subsidiary, Tesco Stores Limited, between February 2014 and September 2014. The DPA is a voluntary agreement under which Tesco Stores Limited will not be prosecuted provided the business fulfils certain requirements, including paying a financial penalty of £129 million. In making its finding, the FCA has expressly stated that it is not suggesting that the Tesco PLC Board of Directors knew, or could reasonably be expected to have known, that the information contained in that trading statement was false or misleading. Tesco PLC has agreed with the FCA (under its statutory powers) to establish a compensation scheme which will compensate certain net purchasers of Tesco ordinary shares and listed bonds who purchased those securities for cash between 29 August 2014 and 19 September 2014 (inclusive). Each net purchaser of shares will be entitled to compensation of 24.5 pence per share purchased, plus interest at 1.25% per annum if the net purchaser is an institutional investor or 4% per annum if the net purchaser is a retail investor, in each case with such interest running from 19 September 2014 until approximately 4 months after the opening of the scheme. The cost of the compensation payable is estimated by both Tesco and the FCA to be in the region of £85m excluding interest. Tesco has appointed KPMG to administer the compensation scheme, with oversight from the FCA. A further announcement will be made when KPMG has completed the preparations required to open and operate the scheme, which is expected to be before the end of August 2017. There is no penalty being levied by the FCA on Tesco. Subject to approval by the court and compliance with the terms of the DPA, this concludes the SFO's investigation into Tesco. It also concludes the FCA's proceedings in relation to this matter in respect of Tesco. The Group expects to take an exceptional charge of £235 million in respect of the penalty, compensation scheme and related costs. This will be booked as an adjusting post balance sheet event in 16/17.
Tesco Stores Limited Appoints Jane Lawrie as the New Group Communications Director, Effective October 10, 2016
Jul 21 16
Tesco Stores Limited has announced the appointment of Jane Lawrie as the new group communications director, effective October 10, 2016. Jane has over 25 years' experience of corporate, financial, colleague and digital communications, and will be joining from Coca Cola, where she leads European public affairs and communications. She has significant experience in advising businesses on trust and corporate reputation, including previous roles at Diageo and Boots the Chemist.
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